Australian Shares

1

Macro Morning

Wall Street stalled out again with only tech stocks gaining while the USD fell back against most of the majors despite better than expected initial jobless claims in the US in a fairly tepid session that only really saw the FTSE and Pound Sterling gain on continued Brexit talks. Commodities kept pushing higher in the

83

Macro Afternoon

A small rebound in risk appetites here in Asia today despite the mixed messages overnight with most stock markets rising on the chances that more stimulus from the US Congress may actually be on the way (Mad King aside not signing it). Bitcoin is relatively steady below the $19000 level again, while gold has put

13

Macro Morning

Wall Street stalled out at record highs again overnight with tech stocks retreating slightly as no news of the proposed stimulus from Congress pulled USD back again. US Treasury yields made a new monthly high as they barrel into the 1% level while commodities saw some upside action with oil gaining over 2% alongside copper

111

Macro Afternoon

The expected follow through of risk taking from Wall Street has not occured in Asia today with scratch sessions throughout the region on stock markets. Bitcoin  has fallen back below the $19000 level again, while gold has stalled out above the $1800USD per ounce level following its bounce overnight: The Shanghai Composite is up only

8

ASX gold finds a bottom

The AUD is climbing this through the day: Bonds are soft at the long end: XJO is stalled: Big Iron is up: Big Gas too: Big Gold is sniffing out a bottom: And why not: Big Banks are soft: Big Tech is still trending lower: Not a lot of factor rotation apparent today.

0

Macro Morning

Another swing back to risk sentiment overnight with stocks on both sides of the Atlantic surging while the USD fell back against the majors as gold also lifted back above $1800USD per ounce. This was mainly on the back of some possible good news around US fiscal stimulus and some progress in the EU/Brexit divorce

132

Macro Afternoon

Risk appetites are back with generally good sessions across the regions stock markets with the latest RBA meeting – a hold – not exciting animal spirits that much in currency land. Bitcoin is only $400 or so off its record high from 2017, staying well above $19000, while the weaker USD is finally helping gold

0

ASX shrugs off China abuse

The Australian dollar has rebounded this morning after last night showed the first tremble owing to China abuse: Yields are still pancaked: XJO is up moderately: Big Iron is sagging: Big Gas is mixed: Big Gold is trying to find a bottom: Big Banks are mixed as APRA kicks WBC in the nuts: Big Tech

0

Macro Morning

Month end selling dominated overnight markets but it was also a big bounce in USD fortune that dampened risk appetite, with European stocks off by more than 1% while Wall Street eventually stumbled to about half that loss. Pending home sales in the US surprised to the upside, while commodities were all over the place

153

Macro Afternoon

The higher than expected PMI prints in China today and sending stock markets in the Middle Kingdom higher while other bourses across Asia are in retracement mode despite the solid lead from Wall Street from Friday. Bitcoin is bouncing back harder, now well above $18000, while the weaker USD is still not helping gold at

13

Macro Morning

The Tesla bid sent Wall Street up higher on Friday night following the return on traders from the Thanksgiving holiday with European markets putting in a good show despite a big spike in Euro, as the USD went down across the board. Gold stumbled again, falling to a new monthly low while Bitcoin held off

152

Macro Afternoon

Stock markets are stumbling along across Asia after no lead from Wall Street overnight due to the US thanksgiving holiday. Bitcoin is trying to maintain itself above $17000 after getting tripped up falling over 10% yesterday, while a weaker USD is not helping gold much, still at a monthly low as it barely hovers above

2

Macro Morning

A very quite night on risk markets with most US markets closed due to Thanksgiving with an expected slow and quiet end to the trading week here in Asia. European markets followed the trend and did almost nothing, with all eyes on Bitcoin which dropped over 10% in a single session, as bond markets also

9

Macro Morning

A slew of economic releases with mixed results kept risk sentiment at bay overnight with industrial stocks on Wall Street falling back while European bourses tread water. The USD lost ground against the majors, with the Kiwi boosted to a two year high while gold stabilised, oil prices continued to spike and Bitcoin breached the

115

Macro Afternoon

Stock markets are largely higher across Asia but there is some buying exhaustion setting in as the positive spin on the US election and vaccine news begins to wane despite the record high on the Dow Jones overnight. The USD continues to firm up against most of the majors with Bitcoin trying to pip above

4

CS: One more virus bust for the road

Via Credit Suisse: Consistent with our message in recent months, we expect barely positive global industrial production (IP) growth between October and February. This is a sharp deceleration following the extraordinary summertime bounce from the spring’s shutdowns. We forecast global IP momentum (3m/3m annualized growth) to bottom in January or February at a level in

80

Macro Afternoon

Stock markets are pushing forward with gusto across Asia in the wake of the “conceding non-concession” from ex-President Trump overnight, with USD giving back some of its gains against the majors overnight, although gold is flopping to new monthly lows, now at the $1824USD per ounce level:   The Shanghai Composite is meandering nowhere going

6

Deutsche: Stocks stretched

Via Deutsche: Range bound US equities despite two large positive catalysts points to extended positioning Back in July, we noted that the market then was rallying on good news (data surprises) but failing to selloff on bad news (virus resurgence) and that this asymmetric response confirmed our read that equity positioning was quite low (Equity

7

ASX pukes gold, gobbles banks!

The Aussie dollar is still plodding: Bonds too: But XJO is flying: With Big Iron: Big Gas: Big Gold puked: Big Banks are unstoppable: Big Tech not so much: More classic value rotation. There is no yield curve steepening to drive it but it’s happening anyway on the expectation of it driven by vaccines. My

0

Macro Morning

A surge at the end of Wall Street’s session last night has brought more risk appetite to Asia after yesterday’s mixed start to the week. The appointment of former Fed chairwoman Janet Yellen as the new Treasury head in Biden’s possible administration sent stocks and the USD higher, pushing down all the undollars especially gold.

77

Macro Afternoon

Stock markets are relatively buoyant across Asia despite Wall Street’s faltering steps on Friday night with Japanese markets closed and the economic calendar relatively quiet to start the week. Bitcoin is trying to push through the $19000 barrier while gold stabilises just above its recent lows, currently up a few dollars at the $1873USD per

2

Morgan Stanly: Stock correction imminent

Via Morgan Stanley: November is the month when our macro team gets together to discuss its year-ahead outlooks across all asset classes. It’s a rigorous two-week process that allows us to collaborate and think about the next 12 months rather than the next 12 hours. As a strategist, I’m always torn between trying to forecast

1

Macro Morning

Risk sentiment tried to change course on Friday following a relatively solid Asian and European session as the stimulus problem in the US was exarcebated by a negligent Republican Senate and a divergence in views between Trump’s Treasury and the US Federal Reserve. The exponential spread of COVID-19 is still not registering on traders screens

198

Macro Afternoon

Stock markets are mixed again throughout Asia going into the final session of the week, with only Chinese markets seeing any upside action as the Bitcoin climbs through $18000 again while gold stabilises just above its recent lows, currently at the $1867USD per ounce level: The Shanghai Composite is slowly eking out a positive session,

0

Macro Morning

Risk sentiment is still very cautious as optimism over vaccines outweighs concerns over rising COVID cases and economic restrictions. Wall Street rallied on the close on rumors of possible stimulus progress in Congress (which is the opposite of progress I think someone once said). Looking at share markets in Asia from yesterday’s session where the

72

Macro Afternoon

Stock markets are somewhat mixed throughout Asia, with only Japanese bourses dragging the chain as the USD continues to strengthen against all the major currencies.   Bitcoin has stalled again after its fightback yesterday while gold looks set to capitulate below its recent lows, slump to the $1860USD per ounce level: The Shanghai Composite was down

2

ASX falls as virus impact grows

The AUD is down this morning. The hot money bet appears to be a weak jobs report: Bonds are bid and XJO is off yesterday’s gains: Big Iron is ignoring Dalian fireworks: The Big Gas value rotation has flamed out: Big Gold ouch. All the more so given BTC: Big Banks are mixed: Big Tech